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Receivables are as important as cash! As a business owner, it is imperative that you stay close to the accounts receivables. Receivables are one step away from being cash and cash is always “King” in business.

Whenever I start with a turnaround client, I always contact the top 10 customers (either by annual sales or the receivable balance). I schedule a visit with each to talk to the President of the organization. On each visit, I introduce myself to the owners and thank them for their business. Politely, I also ask if they could start paying their receivables according to the terms of the invoices. This visit always proved to be very successful.

Every two months, I would visit ten more customers. My goal was to build relationships with the customers to get the company’s receivables current. Another significant benefit of the “relationship building customer visits” is to make sure that if there is a problem, I know about it first. When there is a relationship between the owners of each company, usually, I can fix the issue before the company loses the customer to one of our competitors. Relationships with customers keep customers and get our receivables paid on time.

A word of advice…when it comes to business, ALWAYS STAY FOCUSED ON THE RECEIVABLES AND CASH!!!

My name isRobert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.

Please click on the links below to read my other articles like Receivables are as Important as Cash.

I have recently published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.

If the information in this article Receivables are as Important as Cash! helps you, your family or a business associate, please email me at bob@ceorsc.com and please share the story with me.

If you would like to purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.

Review Accounts Receivables Daily. Your receivables should be as good as cash if the employees are all doing their job properly. If there are problems with your company’s A/R, hence, the problem turns an asset into an expense. In layman terms, the problem lowers the company’s cash balance and reduces profits. If management does not pay close attention to the receivables, the result is more A/R write-offs. Review Accounts Receivable Daily.

Review Accounts Receivables Daily.

When A/R Collectors call to collect delinquent balances, they should also ask for payment of the current balances. I have witnessed many times the AR collectors calling customers to collect only the delinquent balances. Therefore, many times they are forgetting to ask for payment for the receivables that are about to become delinquent. All collectors should ask the customers for payment of the total receivable balance.

During each call, the collector should review with the customer any problem invoices. Problems may be caused by missing PO numbers, shortages, damages or returns. Consequently, resolving these problems before the invoice becomes due improves cash flow.

My name is Robert Curry and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.

Recently, I published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.

If the information in this article Review Accounts Receivables Daily helps you, your family or a business associate, please email me at bob@ceorsc.com and share with me the story.

If you would like to purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.

Accounts receivable collections always seem to be a problem with most of my clients. An excellent procedure to improve accounts receivables collections is to have your collection employees call the clients earlier. Each collector should call the customers five days before the invoices are due! The collectors should verify that there are not any problems with any invoices that would interrupt payment on the due date. By being proactive in resolving any issues before the invoice due date, always improves the cash flow for the company.

Focus on improving your accounts receivable collections, the money pays the bills and covers the payroll!

Your A/R collectors should build a relationship with the customers’ accounts payable department employees. By having a good business relationship with the customers’ A/P employees makes it easier to talk about and resolve problems. Good collectors figure out different ways to get all invoices paid on time to maximize the cash flow for the company.

My name is Robert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.

Please click on the links below to read my other articles about business like this one – Accounts Receivable Collections – Improving Your Results!

Recently, I have published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.

If this article Accounts Receivable Collections – Improving Your Results! helped you, a family member or business associate, please email me at bob@ceorsc.com and share the story with me!

If you would like to purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.